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Consumers Admit to Not Saving Enough for Retirement, Survey Finds

Wednesday, March 27, 2013 7:10 AM

Nobody's perfect, including consumers seeking to get a good grip on their money matters; however, it's interesting to see what Americans view to be their most significant money mistakes. According to an Edward Jones survey of 1,008 U.S. adults, 26 percent said “not saving enough for retirement” is their biggest mistake.

That's followed by lousy tracking of spending, at 20 percent, and taking on too much debt, at 13 percent.

Those mistakes tend to vary among different demographic groups. For instance, 38 percent of respondents ages 35-44 say that failing to stash enough cash away for retirement was their biggest mistake. While only 24 percent of Americans over age 65 agree with that sentiment.

And down the scale, only 15 percent of Americans ages 18-34 see retirement savings as a big problem.

Overall, financial consumers in the Midwest are more likely to say spending is a problem, while if you live in the West, poor investments are your biggest worry.